Constellation Energy

Largest US nuclear fleet. DOWN 22% YTD, 35% below 52-week high. Market selling tech/growth — but nuclear thesis STRONGER not weaker. Best entry in months.

Constellation Energy is THE AI power trade. Largest US nuclear fleet. Three Mile Island restart contracted to Microsoft. AWS/Talen deal pricing around $80/MWh. Existing nuclear capacity is unique because new builds take 7+ years and SMRs aren't online yet. Holds in every AI scenario — capex pause merely delays incremental contracts; existing PPAs are structural.

Domestic US nuclear power becomes more strategic in a Taiwan scenario as broader supply chain risk is repriced. Compounds with AI Capex.